HONG KONG SECURITIES CLEARING COMPANY LIMITED
("Hongkong Clearing")

This document comprises the answers formulated by Hongkong Clearing with respect to
the Central Clearing and Settlement System (CCASS) in response to the Disclosure
Framework Questionnaire developed by the joint CPSS and IOSCO Working Group on
Disclosure by Securities Settlement Systems.

The Disclosure Framework questionnaire has been completed by Hongkong Clearing for
the information of potential participants in CCASS and is intended to assist such persons
in making an informed general assessment of Hongkong Clearing and CCASS.

While Hongkong Clearing believes that the information to be accurate at the time of
completing the questionnaire, no warranty of accuracy or reliability is given and no
responsibility to any person will be accepted by Hongkong Clearing for any errors or
omissions howsoever arising.

The nature of the Disclosure Framework questionnaire entails that Hongkong Clearing
cannot accept responsibility for the completeness, accuracy or actuality of the information
stated herein or construed with respect thereto and references to other sources will be
necessary.

Interested persons are advised to make their own enquiry and to seek further information
from Hongkong Clearing or seek independent advice before acting on any information
contained in this document.